Markets


Non-OPEC Output Talks Disappoint (USO, UCO)
- December 14, 2016

He also suggested non-Opec states would not hold up their end of the BARGAIN- cuts of 600,000 barrels a day - and that a rise in USA shale production would offset reductions elsewhere. The Energy Information Administration increased its USA oil output forecast for this year and next, and domestic explorers last week raised the number of rigs in action to the most since January. (more...)
Cyclone 'Vardah' weakens into a low pressure: Met Office Cyclone 'Vardah' weakens into a low pressure: Met Office
- December 14, 2016

The two units of 220 MW units at Madras Atomic Power Station (MAPS) also stopped operations due to tripping of the power evacuation lines. Srivatsan, a private sector employee, said, "we were managing expenses by taking cash from banks". But a resilient Chennai , by now used to its December Date with Disaster - a year ago it was floods and now a cyclone - began repairing itself with help from the NDRF and SDRF teams deployed all over to clear the roads and byroads. (more...)
Gold inches up as dollar slips ahead of Fed rate decision Gold inches up as dollar slips ahead of Fed rate decision
- December 14, 2016

The December rate hike just five days from now is essentially a sure bet, but the tone and direction implied by the statement and the SEP accompanying said increase are the real interests at next week's policy meeting. "The tricky thing has been the trajectory of the U.S. dollar" because as it goes higher it has the effect of tightening monetary conditions. Now that the Fed is likely to start accelerating the cost of that debt on Wednesday, consumers might need to reassess their appetite for ... (more...)
Cyclone Vardah claims 10 lives in Tamil Nadu Cyclone Vardah claims 10 lives in Tamil Nadu
- December 14, 2016

While the cyclone-hit residents have now become accustomed to closed ATMs, it was a rude shock to many when hoteliers and shopkeepers declined to accept card payments citing non-working point of sale terminals owing to network failure. Municipal corporation workers too got into the act from early morning, which witnessed bright sunshine briefly and stayed cloudy for better part of the day, only to have the bright sun greeting Tamil Nadu by evening. (more...)
Exxon Boss Tillerson Accepts US Top Role Exxon Boss Tillerson Accepts US Top Role
- December 14, 2016

Baker, Gates, and Rice all have varying degrees of business associations with Exxon. Republican Senators John McCain, Marco Rubio and Rand Paul have all taken issue with Tillerson , particularly for his ties to Russian Federation. In a weekend interview with Fox News Sunday, Trump said Tillerson is in charge of "the largest company in the world", one that is "pretty much double the size of his next serious competitor". (more...)
Dakota Access pipeline court battle to linger into new year Dakota Access pipeline court battle to linger into new year
- December 14, 2016

Tribal Chairman Dave Archambault this week called for the camp to disband, though Native American rights activist Chase Iron Eyes implored protesters to stay. The crowd booed loudly when Jordan Daniel, a member of the Lower Brule Sioux Tribe who lives in the District of Columbia, reminded them that Trump would likely approve the pipeline. (more...)
Rick Perry picked for head of Energy Department
- December 14, 2016

Perry dropped out of the race before the SC primary a few months later. He re-emerged in the public spotlight in a brief appearance on this season's " Dancing with the Stars ", where he was the second contestant eliminated. Perry said that he would get rid of the Department of Education, and Department of Commerce, but then he faltered, forgetting the third agency he would put on the chopping block. (more...)
Snow And Ice Forecasted For Portland Again This Week Snow And Ice Forecasted For Portland Again This Week
- December 14, 2016

By Wednesday , snow levels could rise above 7,000 feet. Winds are expected from the west at 15 mph to 25 mph with gusts up to 40 mph. According to NWS records, the last time the temperature dipped below freezing when the mercury slid to 28 degrees was on November 20. (more...)
Venezuelan rush to unload bank notes before deadline Venezuelan rush to unload bank notes before deadline
- December 14, 2016

Venezuelans desperately rushed to banks Tuesday to dump cash after the government announced it is eliminating the largest bank note in circulation to combat contraband in a country whipsawed by the world's deepest recession and highest inflation. (more...)
Clinton's former Central Intelligence Agency chief defends Trump on intel briefings
- December 14, 2016

House Speaker Paul Ryan, R-Wis., also said in a statement that Congress "must condemn and push back forcefully against any state-sponsored cyberattacks on our democratic process". John Podesta , whose emails were stolen and posted online, said the administration "owes it to the American people" to release details of the intrusions, which included the hacking of Democratic Party files. (more...)
Trump On Russian Hacking: 'Why Wasn't This Brought Up Before Election'
- December 14, 2016

But last week , the agency concluded that the Russians also hacked into the Republican National Committee's servers, but held back on releasing what they had dug up. "Can you imagine if the election results were the opposite and WE tried to play the Russia/CIA card", Trump tweeted . McCain and Schumer, joined by Republican Lindsay Graham of SC and Democrat Jack Reed of Rhode Island, said "Democrats and Republicans must work together, and across the jurisdictional lines of the Congress, ... (more...)
Board of troubled Italian bank MPS seeks fresh capital Board of troubled Italian bank MPS seeks fresh capital
- December 14, 2016

The world's oldest bank had on Wednesday asked the European Central Bank for two more weeks to find the funds, saying political instability created by Prime Minister Matteo Renzi's resignation had left investors reluctant to commit funds. The opposition, anti-establishment Five-Star movement, which is ahead in opinion polls, has accused Renzi of dragging his feet on a nationalisation of Monte dei Paschi it says should have taken place months ago. (more...)
Patterson-UTI Energy to acquire Seventy Seven Energy in $1.76 bln deal
- December 14, 2016

Mark Siegel, chairman of Patterson-UTI, said "We have always held Seventy Seven Energy in high regard due to their commitment to quality service in the field, their high-quality assets and facilities, and the talent they have throughout their organization". (more...)
Uncertainty in Asia over Trump's top diplomat pick Uncertainty in Asia over Trump's top diplomat pick
- December 14, 2016

Pang Zhongying, an worldwide relations professor at Renmin University of China, said the naming of Tillerson as secretary of state has added to existing uncertainty about USA diplomacy. Some Republican foreign policy hawks, like Rubio, have expressed discomfort with Tillerson's ties to Russian Federation. Republican Senator Marco Rubio said in a statement he also had serious concerns. (more...)
MI man is living in Salvation Army's red kettle to raise $10000 MI man is living in Salvation Army's red kettle to raise $10000
- December 14, 2016

There could be several reasons for the kettles coming up short, Harris said, including the August 24 tornadoes. Noort noted this hits home for her because she benefits from the Salvation Army Services. "Of course donations are vital to do what we do, but we can't get there without our volunteers", she said. We are organized these many years by Rotarians Gail Cicerini and Diane Calabro. (more...)
Venezuela to swap highest denomination banknotes for coins Venezuela to swap highest denomination banknotes for coins
- December 14, 2016

The currency has crashed spectacularly, with a 100 bolivar note officially worth 15 USA cents but unofficially buying just two cents. Just one private financial institution among those checked by EFE said that it was exchanging cash, that is to say, accepting up to 50,000 bolivares (about $A100) in 100-bolivar bills and returning the same sum to customers in two, five and 10-bolivar bills. (more...)
Italy's Foreign Minister Asked to Be New Premier
- December 14, 2016

The descendant of a noble family, and a former communications minister, Gentiloni has always been a Renzi loyalist and can count on the support of their Democratic Party, the biggest in parliament. It was a "high honour" to accept the job, which he hoped to carry out with "dignity and responsibility", the 62-year-old foreign minister said. "Only those who try to change things can help a country as attractive and hard as Italy". (more...)
Venezuelans prepare for largest currency note to be yanked Venezuelans prepare for largest currency note to be yanked
- December 14, 2016

Venezuelans have been weighing stacks of cash to pay for basic items instead of counting individual bills. While nobody can get too upset at the principle of affordable toys this holiday season, government intervention in markets - currency, food, energy, and more - is arguably what got Venezuela into this whole mess in the first place. (more...)
Russian Federation deal could drain nearly half the oil surplus
- December 14, 2016

Paris-based IEA said in its monthly report that if all parties stick to the agreement, "the market is likely to move into deficit in the first half of 2017 by an estimated 600,000 barrels a day". Meanwhile, OPEC has finalized a deal with Russian Federation and smaller non-OPEC states to curb oil supplies next year, hoping to drive prices well north of $50 a barrel. (more...)
Cyclone Vardah's effect on Chennai
- December 14, 2016

The cyclone is now at category 1 strength, but is expected to weaken to a tropical storm with sustained winds of 80 to 90 kmph (50 to 56 mph) as it makes landfall. Meanwhile, the cyclone has felled several trees and claimed two lives, the government said. Nearly 50 flights were delayed or diverted to and from Chennai this morning and suburban train services have been suspended. (more...)

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